Banks Recast Mobile Banking with a Customer-First Strategy and Omnichannel Support
Wilmington, Del., March 16, 2022 – Keynova Group, the principal competitive intelligence source for digital financial services firms, today announced the results of the Q1 2022 edition of its semi-annual Mobile Banker Scorecard. For the second time in a row, U.S. Bank earned top honors for its mobile banking capabilities and experience, ranking first Overall in an evaluation of the 17 leading U.S. banks’ mobile channels. The Scorecard revealed that banks have refocused their efforts on providing a customer-first mobile experience throughout the entire banking lifecycle, including personalized customer experiences, seamless handoffs between mobile and non-mobile banking channels, readily available live assistance, and clear communication about important policies and fees such as those related to overdrafts.
"Banks are starting to recast their mobile-first strategies to embrace a customer-first approach, transforming the mobile experience for daily banking and financial guidance through relevant personalized experiences, intelligent help, and proactive insights," said Susan Foulds, Keynova Group's Managing Director. "With continued advancements in seamless account opening, self-service, customizable UIs, and emerging omnichannel support, leading banks are reducing the time customers need to spend on routine banking and increasing customer satisfaction."
Key Findings:
Accessible Live Support Options Are a Competitive Requirement
DIY digital banking is not enough—customers also require high-touch service for a positive experience that maximizes customer loyalty. Successful account opening and authenticated mobile servicing are contingent upon shared customer information and live help accessible across channels. Banks are now making headway in realizing omnichannel service, augmented by live assistance in some areas. For example, customers expect their bank to know they applied for an account or requested service through mobile and to have access to the information if they subsequently call in or sign into desktop online banking.
Remarkably, only 41% of banks post a dedicated phone number for new customer applicants to contact live help throughout the mobile checking account application process—creating a higher risk of abandonment. While a scant 29% of banks offer real-time chat for prospective customers, only Bank of America and U.S. Bank enable new-to-bank checking applicants to complete an application started in mobile via another digital channel or with the assistance of live bankers.
Adaptable Service Options Remove Friction from Customer Experience
Some banks are enriching their mobile channels with alternative servicing options, eliminating the need for customers to depart the app or browser to seek help. Help via live chat within the authenticated app and mobile web banking is provided by 24% of the Scorecard banks, and 30% provide hybrid two-way secure messaging (near real time) for authenticated help.
Effective customer service in mobile banking requires seamless digital handoffs and information regarding alternate support channels. Yet only 25% of the banks’ apps route customer calls directly to a live agent, bypassing IVR security questions, when authenticated users tap the Customer Service number. Going the extra mile, Huntington and PNC’s apps allow users to request a callback from a banker, with PNC also showing the wait time to speak with an agent when presenting the call-back option. The availability of video meetings with a banker is also expanding—now offered by Citi, M&T and U.S. Bank.
Clear Overdraft Policies Crucial to Customers; Predictive Notifications Next Frontier
Overdraft policies are rapidly evolving, and banks are increasingly offering more than one overdraft option or action and/or eliminating some fees. As banks attempt to reduce their customers' exposure to overdraft fees, it is critical to prominently show overdraft rules with clear explanations of costs and safeguards to assist consumers in managing their money.
While all of the banks evaluated provide links to overdraft regulations or information in their mobile online banking, just 70% make this material available via their mobile apps. And only 24% of banks provide a proactive mobile notification to help customers mitigate an overdraft before it occurs, whereas innovators such as Bank of America and PNC offer nascent intelligent assistance and proactive notifications. Bank of America’s Erica helps customers remedy a potential NSF and warns of negative balances risks, and PNC’s overdraft alerts include actionable options such as stopping payments to avoid or remedy negative balances.
About the Q1 Mobile Banker Scorecard
Keynova Group’s semi-annual, fact-based Mobile Banker Scorecard, offered for more than two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that drive mobile strategy in banking. The evaluation encompasses the mobile apps and websites of Bank of America, BMO Harris, Capital One, Chase, Citibank, Citizens Bank, Fifth Third Bank, Huntington Bank, KeyBank, M&T Bank, PNC, Regions Bank, TD Bank, Truist, USAA, U.S. Bank, and Wells Fargo. For more information please visit: https://www.keynovagroup.com/scorecards/#banking
About Keynova Group
Keynova Group is the leading competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending, and insurance. Keynova Group’s Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights since 1999. The firm’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects.
For more information:
Meggan Manson
Young & Associates, for Keynova Group
301-371-6995
megganm@yapr.com